EDF Fix until 2012 or 2014

kaza

Im not sure which on is best to fix(fixed saver version 2) until Sept 2012 my bill goes down slightly, or fix until March 2014 (fixed price 2014) but it now goes up.

Does anyone know which is the better plan?

Thanks
Karen

Cardew

Nobody but nobody knows the answer to that question.

It all depends on how prices move between now and March 2014.

Whichever tariff we choose it is a gamble pure and simple.

backfoot

I personally don't think either option is worth it.

The shorter deal is paying in advance for something that is likely to happen over the next year. I can't see the best variable rates getting up the premium involved.

The longer deal is a proper hedge against prices over a longer term. For me,the premium required looks very high so I have discounted it.

For that reason, I'm out.:D

HalloweenJack

for me , fixed 2012 is actually cheaper than the new OS7 rates in 2 weeks time, was going with fixed 2014 , but after reading here and discussions with the missus - we went with 2012 - for us its amoungst the cheaper tarriffs.

alleycat`

HalloweenJack wrote: »

for me , fixed 2012 is actually cheaper than the new OS7 rates in 2 weeks time, was going with fixed 2014 , but after reading here and discussions with the missus - we went with 2012 - for us its amoungst the cheaper tarriffs.

Works out the cheapest for me as well (before adding the IGT charge).
Even with the IGT it is only £20 more than Online Saver 4 (with BG) based on Kwh consumption (next cheapest for me).

Still it is , potentially, a gamble that prices don't crash to the floor early 2012.
Can't see that as an outcome but i'm not mystic mog either.

howardtog

Remember energy companies buy their supplies a long time ahead.They know how much they will be paying and their deals in the future are all set to make a profit.2014 is a little more than the 2012 fix so EDF are sure thei costs will rise in 2013.As the end consumer you are getting a small discount from the standard tariff for fixing the price (or paying them an exit fee if you change your mind) and peace of mind that your costs are fixed.
Sadly the domestic energy market is nowhere near as competitive as it should be and a rather toothless watchdog makes it an oligopoly.Not a new game just a market with few sellers.If you think thats a cynical viewpoint just look at the huge regular profits the domestic energy companies make .
So with either fix you can be confident youll save a little off the standard tariffs and as Martin points out do it now and you will certainly save ahead of the certain price increases

kaza

Thanks for all the advice, Ive fixed it until 2012.

brewerdave

I'm just fixing with EDF til 2014 having got to find a replacement for the excellent EON FOL v8 - the interesting thing for me is that I will be paying ~ the same annual amount as I did in 2007 with SWALEC - So I've done pretty well out of switching the past 4 years!!!

gemmalouanna

Well I have been thinking about it all week but have decided to go for the fixed 2014 switching from online saver 7.

My first ever fix - will be strange not switching all of the time

warmy

i decided 2 go with v2 fixed i was on online 6 which comes 2 an end soon. this 2 is my first fix

Babbler

Fixed to V2 this morning. It worked out 61 quid more than the best (online 10), so effectively around 7%. Can relax now until Sept next year as I doubt prices will drop. If they drop drastically (say 20%) then paying the £50 to switch still works out cheaper. Win win.